2020-2025年中国发电量产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：华能国际（600011）,大唐发电（601991）,国电电力（600795）,华电国际（600027）,长江电 力（600900）,国投电力（600886）,川投能源（600674）,桂冠电力（600236）,内蒙华电（600863）,浙 能电力（600023） 相关报告：智研咨询发布的《2026-2032年中国电力行业投资潜力研究及发展趋势预测报告》 根据国家统计局数据显示：2025年12月中国发电量产量为8586亿千瓦时，同比增长0.1%；2025年中国 发电量累计产量为97158.8亿千瓦时，累计增长2.2%。 ...

广发证券发布研报称，2025年全社会用电量同比+5.0%，规上发电量同比+2.2%，从增量贡献来看，1- 12月风光增量贡献全部增量的90.1%，发电结构逐渐转向以风光为主导的清洁低碳阶段。电价的悲观预 期或持续改善，关注电力供需及格局较好区域如华北、西北等。公用事业化加速推进，关注板块红利价 值。 广发证券主要观点如下： 2025年全社会用电量同比+5.0%，规上发电量同比+2.2% (1)用电量增量由二产转向三产+城乡居民：根据能源局数据，1-12月全社会用电量达同比+5.0%(去年同 期为6.8%)，其中一产/二产/三产/城乡居民分别同比+9.9%/+3.7%/+8.2%/+6.3%。从增量贡献度来看， 2023-2025年三产+城乡居民用电增量占全部的34.6%、47.6%、50.2%，用电量增量由二产转向三产+城 乡居民，二产内部从高耗能制造业向新兴制造业转型。(2)发电量增量主要由风光贡献：1-12月规上发电 量同比+2.2%(去年同期为4.6%)，全年火、水、风、光、核发电量同比分别为-1.0%、+2.8%、+9.7%、 +24.4%、+7.7%。从增量贡献来看，1-12月风光增量贡献全部增量的 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

证券日报网讯1月23日，桂冠电力（600236）在互动平台回答投资者提问时表示，公司已于2019年建立 财务共享中心，通过集约化管理实现了财务流程的标准化与效率提升。目前共享系统深度整合OCR智 能识别、数据分析及RPA流程自动化等智能化工具，基于当前流程覆盖、系统集成与数据应用水平，整 体数字化程度评估约为7分(0-10分制)。公司目前实行集中化运营，设1个统一财务共享中心，采用业务 板块全覆盖的管理模式，通过标准化流程为各分支机构及子公司提供高效支持。未来，财务共享中心将 持续深化人工智能等技术应用，推动从流程自动化向智能分析与决策支持的全面进阶。 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [5] Core Views - The performance of thermal power is expected to improve due to a decrease in coal prices in 2025, with notable profit growth anticipated for companies like Jiantou Energy, which forecasts a 253% increase in net profit [5] - Hydropower operations are expected to remain stable, with certain regions experiencing favorable water conditions leading to significant profit growth for companies like Guizhou Power and Gui Guan Electric [5] - The impact of wind, solar, and nuclear energy markets is expected to be significant, with challenges anticipated for new energy operators in 2026 due to market adjustments and declining electricity prices [5] - Waste-to-energy companies are projected to maintain high growth rates, driven by improved capacity utilization and heating scale [6] Summary by Sections Thermal Power - The performance of thermal power is closely linked to coal price fluctuations, with national and regional improvements expected in 2025 [5] - Companies like Huaneng International and Datang Power are expected to benefit from lower coal prices and improved operational efficiency [5] Hydropower - Hydropower is anticipated to have stable operations, with specific regions like Sichuan and Yunnan expected to see varying water levels affecting output [5] - Companies such as Gui Guan Electric and Qian Yuan Power are projected to experience significant profit growth due to favorable water conditions [5] New Energy - The introduction of policies is expected to accelerate the transition in the new energy sector, but operators may face challenges due to market adjustments and declining prices [5] - The cancellation of VAT refunds for wind energy operators is expected to impact profits more significantly in 2026 [5] Environmental Protection - Waste-to-energy companies are expected to continue their growth trajectory, with key contributors being capacity utilization and efficiency improvements [6] - Major waste-to-energy companies are projected to maintain profit growth, with specific forecasts for companies like Yongxing Co. and Hanlan Environment [6] Investment Recommendations - Key recommendations include companies with both dividend yield and growth potential such as Gui Guan Electric, and those with low valuations like Jiazhen New Energy [6] - Attention is also drawn to companies with potential capacity increases and high dividend yields, such as Huaneng International and State Power Investment [6]

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

Group 1 - The core view of the report emphasizes the acceleration of utility sector transformation, highlighting the increasing value of dividends [1] - The report maintains a "Buy" rating for the utility sector, consistent with previous ratings [3] - The report indicates that the utility sector has outperformed the market, with a relative performance increase of 30% from January 2025 to January 2026 [4] Group 2 - Electricity demand growth is expected to continue, driven by industrial transformation, with significant contributions from wind and solar power [17] - The report notes that from January to November 2025, wind and solar power accounted for 86.2% of the total electricity generation increase, indicating a strong shift towards renewable energy sources [17][18] - The structure of electricity consumption is shifting from secondary industry to tertiary industry and residential use, with the tertiary sector expected to account for 50.2% of the total electricity consumption increase by 2025 [17] Group 3 - The report highlights that the cash flow of thermal power companies is improving, with a potential increase in dividend payouts [17] - It suggests that the transition towards utility-like operations in thermal power is accelerating, with companies like Huaneng International Power and Huadian International Power showing strong performance and dividend management [17] - The report indicates that the capacity price for coal-fired power is expected to rise in 2026, which could enhance profitability [17] Group 4 - Hydropower is expected to benefit from high reservoir levels, ensuring stable electricity generation during dry seasons, with companies like Changjiang Electric Power showing promising performance [17] - The report emphasizes the importance of asset securitization in hydropower, with ongoing projects expected to enhance growth potential [17] - The report also notes that long-term interest rates remain low, which could further enhance the attractiveness of hydropower investments [17] Group 5 - The report discusses the challenges faced by green energy, particularly in terms of pricing and profitability, but anticipates improvements driven by policy changes [17] - Nuclear power is expected to see accelerated approvals and market-driven pricing, which could enhance its competitiveness [17] - The report highlights the need for a focus on demand recovery in the gas sector, with companies like Jiufeng Energy positioned to benefit from cost improvements [17] Group 6 - The report recommends specific stocks within the utility sector, including Huaneng International Power, Huadian International Power, and Changjiang Electric Power, based on their strong performance and dividend potential [17] - It also highlights the potential of gas companies like Jiufeng Energy and renewable energy firms like Longyuan Power and Fuyuan Co., which are expected to benefit from favorable market conditions [17] - The report suggests that the utility sector is entering a phase of increased dividend value, making it an attractive investment opportunity [17]

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating a favorable investment environment [7][3]. Core Insights - December's electricity consumption growth was affected by temperature, but a stable growth rate is expected for 2026, with an anticipated growth rate of around 5% [7][10]. - The report highlights that the long-term electricity price reform is necessary to support the increasingly complex new energy system in China [7]. - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. Summary by Sections Electricity Consumption - In 2025, the total electricity consumption in China increased by 5.0% year-on-year, with growth rates for different sectors being +9.9% for primary industry, +3.7% for secondary industry, +8.2% for tertiary industry, and +6.3% for residential use [10][9]. - The average national temperature in December 2025 was -1.1°C, which contributed to the decline in electricity consumption growth [7][10]. Coal Prices and Supply - Coal prices at ports and production sites have weakened slightly, aligning with previous expectations. The report anticipates that short-term coal prices will remain stable with limited upward potential [7][27]. - As of January 16, 2026, the price of Q5500 thermal coal at Qinhuangdao was 695 CNY/ton, showing a week-on-week decrease of 0.6% [27][30]. Performance of Utility Sector - The utility sector index rose by 0.1%, outperforming the CSI 300 index by 0.7 percentage points during the week of January 10-16, 2026 [53]. - The report suggests that the utility sector remains a quality dividend asset for long-term investment, especially under the current low-interest-rate environment [7][3]. Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal, hydropower, nuclear, and renewable energy sectors, with specific stocks highlighted for potential investment [7][3]. - Notable stocks include: - Thermal Power: Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [7]. - Hydropower: Yangtze Power, Guiguan Power, Chuanwei Energy, and Huaneng Hydropower [7]. - Nuclear Power: China General Nuclear Power [7]. - Wind and Solar: Longyuan Power [7].

周克文任 广西桂冠电力股份有限公司（以下简称" 桂冠电力 " } 董事长、党委书记。 1月14日，桂冠电力公告，第十届董事会第十六次会议审议通过了《关于选举公司第十届董事会董事长的议案》， 周克文先生当选公司 第十届董事会董事长 。该议案在提交董事会审议前已经董事会提名委员会审议通过。 周克文还当选董事会战略委员会主任委员，及提名委员会委员。 公告信息显示，周克文，男，196 8年出生，汉族，中共党员，大学学历，正高级会计师。历任大唐呼伦贝尔项目筹建处副主任（主持 工作）兼大唐呼伦贝尔能源开发有限公司副总经理（主持工作），大唐吉林发电有限公司计划营销部主任，大唐珲春发电厂厂长，大唐 吉林发电有限公司副总经理、党组成员、纪检组长、工会主席，中国大唐集团公司监察部（党组纪检组办公室、巡视工作办公室）副主 任，中国大唐集团公司人力资源部副主任，中国大唐集团新能源股份有限公司总经理、党委副书记，中国大唐集团有限公司山西分公司 董事长、党委书记，中国大唐集团有限公司人力资源部（党组组织部、全面深化改革办公室）主任，中国大唐集团有限公司总经理助理 兼人力资源部（党组组织部）主任。 现任中国大唐集团有限公司总经理助理、广西 ...

Core Viewpoint - Guiguan Power is expanding its growth by taking over Datang's hydropower assets, moving from Guangxi to a global stage [1] Group 1: Company Overview - Guiguan Power is controlled by Datang Group, one of the five major state-owned power enterprises, with the top six shareholders holding 94.31% as of September 2025 [1] - The company focuses on hydropower and other clean energy assets, currently ranking second in market value among Datang Group's listed companies [1] Group 2: Strategic Developments - Under the leadership of a new chairman, Datang Group aims to enhance capital operations, green transformation, and international development [1] - The new chairman emphasizes the importance of hydropower assets, with Guiguan Power setting a dual market value target of 200 billion by the start of the 14th Five-Year Plan [1] Group 3: Future Prospects - By the end of 2024, Datang Group has 8 GW of hydropower assets that are not yet listed [1] - Guiguan Power is tasked with significant development assets in Tibet, particularly the Southeast Tibet water-wind-solar base, which may be bundled for external delivery, positioning the company as a high-certainty and high-growth hydropower stock [1]